Meta Plans To Start Testing NFTs On Instagram Stories With AR
The parent company of Facebook and Instagram, Meta, announced its plans to start testing non-fungible tokens (NFT) on Instagram stories. For the upcoming test, Meta wants to use its augmented reality (AR) protocol, Spark AR.
Meat is on an expansion drive that integrates crypto, NFT, and Metaverse into many of its platforms. Additionally, the company is attempting to dominate the AR and VR markets with its numerous extended reality projects.
Instagram to Boost Creator’s Profile
According to Mark Zuckerberg, CEO of Meta, the test is expanded to accommodate more creators and help them display their art on Instagram.
In a follow-up announcement, Meta revealed that both creators and collectors would be able to share their digital collections across Instagram and Facebook. However, the company is set to achieve this after rolling out the NFT feature on Facebook for some select U.S. creators.
Last month, Meta also released some digit collectibles, which the company sees as another way for creators and collectors to share NFTs on the social media platform.
Earlier in the week, the company disclosed that it is partnering with other tech firms to establish a Metaverse body. The new group’s purpose is to build a future-generation version of the internet.
In addition, the group is to have a common goal of advancing the Metaverse and Web3. Some companies’ lists include Microsoft, Adobe, Qualcomm, Nvidia, and Epic Games.
Surprisingly, Apple is not part of the initiative’s pioneers; it may decide to join in the future.
NFT Integration is Gaining Traction
Social media companies are shifting their attention to NFT adoption on their respective platforms. It appears Meta is not the only one seeking to integrate non-fungible tokens. Twitter is another platform that has integrated NFTs into its system. Twitter added NFT to its platform in January this year.
With the NFT support, users can link their Ethereum-based crypto wallets to their Twitter accounts, using NFT avatars as their profile pictures. Twitter is the first social media platform to incorporate crypto tipping using Bitcoin and Ethereum.
In another development, eBay recently purchased KnownOrigin, the Ethereum-based NFT marketplace. eBay is looking to expand its Web3 venture as the move to the Metaverse rapidly grows among top companies.
Decentralized finance (DeFi) companies are not excluded from the NFT and Metaverse move. UniSwap is the latest DeFi firm to announce its move with the acquisition of Genie, an NFT aggregator.
Barely two years after its introduction to the virtual space, NFT is fast becoming a focus for creators and consumers of art. With its growing popularity, it is now considered an important part of the digital assets component, such that where crypto integration is present, NFT would follow suit.
For its part, the Metaverse is currently the ultimate height of the digital landscape. It is the space where alternate realities are located for businesses to explore. Surprisingly, the Metaverse is the next destination that top brands aspire to join.